Credit unions are not new. Originating in Europe, credit union history began in this country when the first credit union was formed in Manchester, New Hampshire, in 1909. Today, over 10,000 credit unions with over $480 billion in assets serve more than 79 million people in the United States. More and more people join credit unions every year and they are pleased with the service. Credit unions have rated No. 1 in customer satisfaction at financial institutions for 10 years according to the American Banker Newspaper's annual customer satisfaction survey.

To join a credit union, you must be eligible for membership. Each institution decides who it will serve. Most credit unions are organized to serve people in a particular community, group or groups of employees, or members of an organization or association.

Low-income designated credit unions are a unique form of credit union. They serve primarily low-income members in distressed and financially underserved areas. In the past few years, NCUA has emphasized the benefits these institutions provide to the many people who are often unserved by traditional banking institutions. NCUA also manages a Revolving Loan Fund and provides technical assistance grants to low-income designated credit unions.